As of3At the end of the month, there were more than3,000Home to sleep economy-related enterprises, about 70% of which were established in the past5Within the year. In addition, according to data statistics from LeadLeo Research Institute,2021In4,175.4The sleep economy market size of hundreds of billions is driven by home hardware, pharmaceuticals, and sleep aidsAPPThe three major product categories are segmented as follows, accounting for70%,20%and10%At the same time, the market size is growing at an average annual rate of9.5%The growth rate expands, expected to be in2030Exceeding one trillion yuan annually.
What are the reasons for the rise of the sleep economy? From a consumption perspective, at present in the sleep economy,70%Consumption is the driving force behind home goods. Which specific product category within this major category is popular in the market? Will the pattern of the sleep economy consumption market change with technological development, etc.? In order to better seize the opportunity period in the sleep market, how should enterprises proceed? Frost & SullivanFrost & SullivanZhou Mingzi, Consulting Director of Frost & Sullivan's Greater China region, was interviewed by Securities Daily to discuss the current development status and future trends of the sleep economy.
Securities Daily
Q
Securities Daily Reporter: In your opinion, what are the reasons for the rise of the sleep economy?
From an industry perspective, the rise of the sleep economy is inevitable. As the most important way for residents to rest, sleep is often closely linked to health quality, quality of life, and work quality. It can be said that sleep quality largely determines the mental outlook of residents.
In addition, with the continuous acceleration of today's pace of life and work, Residents' attention to their own health is also continuously increasing. We see that for the first time, only middle-aged and elderly people are paying attention to health preservation. More and more young people are also beginning to pay attention to health preservation and are willing to pay for improving their health status. This group not only has a higher willingness to try new things but also stronger purchasing power, which has laid the commercial foundation for the sleep economy. At the same time, the product service forms of the sleep economy are also constantly innovating. The driving forces behind these innovations mainly include technology empowerment, product empowerment, and service empowerment to meet consumer needs.
Q
Securities Daily Reporter: From a consumption perspective, at present in the sleep economy,70%The consumption of this category is contributed by home goods. In this regard, do you have any further data to explain which specific product category within this major category is popular in the market?
In terms of the contribution to household goods sales, mattresses and pillows are the largest product category, accounting for more than half. On one hand, after being empowered by technology, such as becoming more dry and breathable, and having more complete functions for spinal support and back support, mattresses can better meet the optimization of the overall sleep environment for consumers. On the other hand, mattresses and pillows are products that consumers come into close contact with during sleep. Often, consumers are more aware of the sleep aid effects of these products, which makes them more inclined to favor such products when making consumption decisions.
From the perspective of product trends, whether it's mattresses or pillows, comfort and support of the fabric are points that consumers pay close attention to.
Q
Securities Daily Reporter: In your opinion, will the pattern of the sleep economy consumption market change with the development of technology, etc.?
From an industry perspective, we believe that it will change with the development of technology. Innovative technologies can 'redefine' products. With the continuous improvement of residents' living standards, personalized needs are further highlighted and to be met. Taking the mattress as an example, customized mattresses for groups such as children and the elderly can be 'tailored' from the design stage to meet their specific needs.
In addition, Technology can also bring new product and service opportunities, enriching the connotation and commercialization of the sleep economy. For example, innovations in sleep monitoring technology can be integrated with the Internet of Things (IoT), digital healthcare, and other areas to achieve practical applications for smart living and health. The sleep economy consumer market has connected with China's large-scale healthcare management and service market.
From these new perspectives, we believe that new players will continue to join the fray, and new products and services will continue to emerge.
Q
Securities Daily Reporter: From an investment perspective, how should companies proceed to better seize the opportunity period in the sleep market?
From an investment perspective, in order to better seize the opportunity period of the sleep economy market, Enterprises should 'capitalize on strengths and avoid weaknesses', choosing their best advantage points to enter the market, such as service ecosystems or product design. .
In addition, the richness of the sleep economy's connotations also means that cooperation among enterprises will further deepen. Selecting suitable target enterprises for strategic co-creation, such as the strong alliance between technology-driven enterprises and traditional product-based companies, can not only accelerate the implementation of innovative products but also achieve market sales and promotion through existing sales channels and touchpoints, thereby achieving a win-win situation for both enterprises.
*This interview was published in Securities Daily, with reporter Tian Peng as the correspondent. Original title: "The 2023National Consumer Promotion Month Market Survey: Many Places Create "Characteristic Economies" with Themed Hotspots to Boost Consumption >> (Click "Read Full Article" at the end of the text to read the complete report).
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